lko and beach shale gas, page-7

Could the agreement have been terminated, as per the quote below taken from Jan 5 announcement?

"PEP 166
Lakes Oil had signed an operating agreement with Latrobe Fuels Ltd over a discrete area near Gormandale to drill two wells, the first of which to have been begun by December 2010.
Lakes now intends to notify Latrobe Fuels that if they are not in a position to complete their obligations then this agreement will be terminated.
Lakes has gained the environmental approval to drill both wells and subject to obtaining a suitable rig intends to drill one well with the option of drilling a second if the first one is successful in the first quarter in 2011.
For more information contact:
Lakes Oil N.L.
ROBERT J. ANNELLS
Chairman
Ph 0416 130 740
Lakes Oil"

ASX Announcement and Media Release 5 January 2011